Oil prices extend gains as Red Sea attacks disrupt supply chains

OIL prices advanced on Tuesday, extending gains from the previous session, as attacks by Yemen's Iran-aligned Houthi militants on ships in the Red Sea disrupted maritime trade and forced companies to reroute vessels.

Brent crude futures rose 17 cents, or 0.2%, to $78.12 a barrel at 0112 GMT. The front-month U.S. West Texas Intermediate crude futures contract, which expires on Tuesday, rose 14 cents to $72.61 a barrel. The more active second-month contract rose 9 cents, or 0.1%, to $72.91.